- Bitcoin saw a 1.6% price surge today that allowed the coin to rise above $9,000 and reach $9,180.
- The cryptocurrency was struggling to close above resistance at $8,950 for the past 6-days of trading.
Bitcoin surged 1.6% today as the cryptocurrency managed to take out the previous resistance at $8,960. The cryptocurrency has failed to close above this resistance over the past 6-days of trading but finally took it out today. However, it is important to note that we must wait for a closing candle above $9,089 to confirm that it has indeed broken above this critical level of resistance.
This breakout was expected as in yesterday’s analysis I stated that it was a matter of ‘when’ and not ‘if’ BTC would break back above $9,000. The BTC Block Halving is just a short 5-days away now in which the incoming supply of BTC will be slashed in half as the block reward will be reduced by 50% from 12.5 BTC per block to just 6.25 BTC per block.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Market Overview
Analyzing the daily chart above, we can see that BTC managed to close above the $8,960 resistance level yesterday as it reached the $9,089 level provided by a bearish .786 Fibonacci Retracement level – measured from the February high to the March low.
We now must wait for a closing candle above here to confirm that the bulls are indeed ready to push higher again.
Short term prediction: BULLISH
BTC still remains bullish in the short term and would have to break beneath $8,000 to turn neutral. It would need to close beneath $7,600 before being considered as bearish.
If the buyers continue to push higher, the first level of resistance is located at $9,300. Above this, resistance lies at $9,600 (1.272 Fib Extension), $9,753 (bearish .886 Fib Retracement), and $9,952 (1.414 Fib Extension). This is followed by resistance at $10,000.
Toward the downside, the first level of support lies at $9,000. Beneath this, support is located at $8,950, $8,800, $8,500, and $8,141 (.236 Fib Retracement).
Key Levels
Support: $9,000, $8,950, $8,800, $8,500, $8,400, $8,300, $8,000.
Resistance: $9,090, $9165, $9,300, $9,500, $9,600, and $9,753.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
